Egypt has launched an international tender for four offshore oil and gas exploration blocks in the Red Sea, in a bid to attract new foreign investment and boost domestic gas production, the Ministry of Petroleum announced in a statement.
The tender was issued by the South Valley Egyptian Petroleum Holding Company, a state-owned enterprise, Minister of Petroleum Karim Badawi said during the Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in the United Arab Emirates.
According to the minister, the bid round includes incentive mechanisms for companies investing in deepwater and frontier areas. He described the Red Sea region as one of Egypt’s most promising petroleum zones, offering significant potential for new discoveries. The deadline for submitting bids is set for May 3, 2026.
Last month, Egypt unveiled a five-year plan to stimulate oil and gas production, marking one of its most ambitious exploration campaigns to date. Under the program, Cairo plans to drill 480 exploration wells with a total investment exceeding $5.7 billion.
Once a net exporter of natural gas, Egypt has become a net importer due to surging domestic demand and declining local production.
In August, Prime Minister Mostafa Madbouly announced that new projects and contracts awarded to foreign oil companies would help increase gas output, with the goal of restoring Egypt’s exporter status by 2027.
The government aims to gradually raise production to 6.6 billion cubic feet per day by 2027.
According to Bloomberg data, Egypt’s import bill for liquefied natural gas (LNG) and petroleum products has risen by 60% since early 2025, from $12.5 billion in 2024 to $20 billion this year.
MK/ak/lb/APA